The Manawatu Standard (PUBLISHED] DAILY.) Suivant la verite. TUESDAY, DECEMBER 18, 1883. A PERIOD OF DEPRESSION.

Manawatu Standard, Volume IV, Issue 17, 18 December 1883, Page 2

Manawatu Standard (PUBLISHED] DAILY.) Suivant la verite. TUESDAY, DECEMBER 18, 1883. A PERIOD OF DEPRESSION.

People in New Zealand are ape to think that the financial depression now prevailing is confined to this Colony. The Chairman of the Dtmedin Chamber of Commerce recently pointed but that New Zealand is not the only country in which commercial stagnation exiat9. In almost every part of the world the same complaints are made— in the United States, throughout Europe, in Great Britain, and in most of the colonies. He went on to remark : — " Only within a* few days' news conies to us of the failure of several lar#e> firms at Home, whostf aggregate > liabilities amount to a quarter of the revenue of this Colony, and -I am afraid I the worst has not been reached there. , And all these disasters occur, although the Bank of England lias in her coffers bullion to the value of £23,000,000 or more, and is thus in a position to exI tend her issue of notes, £10,000,000, in case of need, in addition to the present

circulation of gold and note3. It appears, therefore, that there is some allpervading cause exerting not merely a local but a generally depressing influence, and it is as well to ascertain where the difficulty lies, that we may intelligently adapt our future course to ! successfully grapple with and overcome it." An exchange reasons, and we are inclined to follow in the same strain, that periods of depression are difficult to account for, except tluifc they can be ascribed as a time of rest, which naturally follows any rapid progress, and becomes necessary in order that renewed vigour m;iy be gathered. It is thought that tho influence of the change in the value of gold, which reduces the saleable price of articles, bis something to do with the depression ; also the change in the mode of communication with other parts of the world, whereby the retailer and manufacturer are being brought in close con nection with each other. If so. matters will soon right themselves, and in a .] short time trade generally will brighten . up| and we shall again hear of good times. Direct steam communication should be an important fact or in the anticipated improvemant. A voyage of ; 40 days or less, in an ocean steamer, must bring us very. near, so to speak,. to Great Britain. Large accessions to our population, and to the available capital for investment, must follow as a matter of course. Such a large amouut of money as heretofore will not require to bo kept locked up in stocks of imported good.", which under the new order of things, can be replenished monthly. All things considered, it is reasonable to expect that in course of time the balance of trade will be in our favour, aud thut an era of prosperity,all the brighter after the long gloomy depression, will dawn upon this Colony, and let us hope prove universal and enduring,, ,